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Business News of Friday, 23 July 2021

Source: GCB Bank Limited

GCB Bank pays GH¢69.62 million dividend to shareholders in four years

The  Government of Ghana recieved GH¢14.152 million as dividend for the 2020 financial year The Government of Ghana recieved GH¢14.152 million as dividend for the 2020 financial year

GCB Bank Limited has in four successive years paid a total amount of GH¢69.62 million to its shareholders including the Government of Ghana as a dividend.
GCB has been consistent and recorded a steady increase in dividend payment to its shareholders from 2017 to 2021.

The bank today paid GH¢14.152 million to the Government of Ghana as a dividend for the 2020 financial year.

A Deputy Minister of Finance, Mr. John Kumah, who received the cheque from Mr. Kofi Adomakoh, Managing Director of GCB, lauded the Bank for living up to the expectation of its shareholders.

The GH¢14.15 million dividend paid represents an increase of 25 percent over the GH¢11.321 million paid to the government in the 2019 financial year.

In spite of the devastating effects of the COVID-19 pandemic on businesses and economies, GCB posted impressive results recording profit before tax (PBT) of GH¢611 million in 2020 from GH¢574 million recorded in 2019.

The Deputy Minister commended the Board, Management, and Staff of the Bank for the impressive gains in the face of slow economic growth being experienced in the global environment as a result of COVID-19.

“On behalf of the Honourable Minister, I would like to congratulate you, your board members, and the Management and Staff on your consistency in declaring and paying dividends to the Government and other shareholders of the Bank despite the challenges,” Mr Kumah said.

The Deputy Minister urged state-owned enterprises, joint venture companies and mining companies that have declared dividends to make due to their responsibility to the Government and its shareholders.

The GCB MD, Mr Kofi Adomakoh, who described 2020 as a challenging year, said GCB braved the storm and supported Ghana, Ghanaian businesses, and individuals to overcome some challenges.

He said GCB as a strategic asset with a rich heritage would continue to focus and extend financial solutions to Ghanaian companies to thrive.
Turning to the future of the Bank, Mr. Adomakoh said, “the future looks very bright for the Bank and Ghana.”